I am starting an online retail business and have bought market research tools and website building software. Also I just got a dba. My site is not yet published on the net.
Couple of questions…
what can i deduct as start up deductions?
Did getting a dba officially start my business?
What sort of time restrictions go along with start up tax? ( i bought the software listed above in 07 and got the dba in 08)
what sort of reciepts should I be saving?
I know …I need an accountant but am strapped for cash at the moment. . ,. PLEASE HELP!!! Quality info is needed! thanks!!!
May 20th, 2009 at 4:00 pm
You can’t deduct start up costs until you open the business.
Since you plan to be an internet business, the first item yo u list for sale is your starting date.
If you get audited, you need to have proof of when you started the business. Claiming you started in 2007 when your first received paymen is March of 2008 is pretty obviously not going to cut it.